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I was wondering if filing for Chapter 7 Bankruptcy was a national standard for all applicable debts, assets, etc., procedure wise, and regulation compliance perhaps too, or if these aspects may be different or change from state to state in the US?Questions

  1. I was wondering if filing for Chapter 7 Bankruptcy and any applicable rules and regulations if any of these will vary from state to state?
  2. In terms of assets, paper form procedure wise, and what is or is not applicable depends on the state you're in or if it's all standard nationally regardless?

Context

For example, to base the above two questions; if I have an FHA mortgage, a SEP IRA, maybe a car or two I own that are paid off, will my options for what I can keep asset wisewill lose or have to turn over to go towards paying and splitting dependvary depending on my specific state?.

Billionaires Can Do It

I know Donald Trump has filed for bankruptcy and time or two and still has a billionaire net worth—I'm just trying to survive for my kids and family and had an unfortunate event.

Long Term Plan

The plan is to seek legal counsel but thought I'd ask a basic question here first. to see if anyone can bring clarity to the topic?

I was wondering if filing for Chapter 7 Bankruptcy was a national standard for all applicable debts, assets, etc., procedure wise, and regulation compliance perhaps too, or if these aspects may be different or change from state to state in the US?

For example if I have an FHA mortgage, a SEP IRA, maybe a car or two I own that are paid off, will my options for what I can keep asset wise or turn over to go towards paying and splitting depend on my specific state?

The plan is to seek legal counsel but thought I'd ask a basic question here first.

Questions

  1. I was wondering if filing for Chapter 7 Bankruptcy and any applicable rules and regulations if any of these will vary from state to state?
  2. In terms of assets, paper form procedure wise, and what is or is not applicable depends on the state you're in or if it's all standard nationally regardless?

Context

For example, to base the above two questions; if I have an FHA mortgage, a SEP IRA, maybe a car or two I own that are paid off, will what I will lose or have to turn over vary depending on my state.

Billionaires Can Do It

I know Donald Trump has filed for bankruptcy and time or two and still has a billionaire net worth—I'm just trying to survive for my kids and family and had an unfortunate event.

Long Term Plan

The plan is to seek legal counsel but thought I'd ask a basic question here first to see if anyone can bring clarity to the topic?

Source Link

Chapter 7 Bankruptcy and Different Laws per State?

I was wondering if filing for Chapter 7 Bankruptcy was a national standard for all applicable debts, assets, etc., procedure wise, and regulation compliance perhaps too, or if these aspects may be different or change from state to state in the US?

For example if I have an FHA mortgage, a SEP IRA, maybe a car or two I own that are paid off, will my options for what I can keep asset wise or turn over to go towards paying and splitting depend on my specific state?

The plan is to seek legal counsel but thought I'd ask a basic question here first.